Dear Skybuck.. that's again over an hour.
I appreciate you recording for over 3 hours today, but I don't have the time to watch such long videos. What I can do is reply to forum posts.
However after analyzing the original bitcoin time window I do come to the conclusion that the 10 minute time window in bitcoin is a major flaw and a major weakness.
Interesting hypothesis. Let's see.
Let's see how many blocks bitcoin could have distributed over the last years since it's inception:
2022 - 2009 = 13 years.
So that is roughly
13 years x 365.25 days per year x 24 hours per day x 60 minutes per day / 10
minutes per block = 683.748 lucky persons.
So less than 1 million people, closer to 500.000 people would have been the lucky
ones.... and the rest would be left without coins and would have to beg or buy
from the lucky ones.
First of all, you're overcomplicating things again. The number of mined blocks as of now is 750642. You can look it up on your own node using
bitcoin-cli getblockcount or open a block explorer like
https://mempool.space/.
There are roughly 7 billion people on this planet if you believe that number.
So let's compute the "coverage" of this planet wide population in percentages
(683.748 / 7.000.0000.000) * 100% = 0,00976782857142857142857142857143%
Alright, so you figured out that if every single person was mining, due to only 6 blocks being mined per hour on average, not everyone can get a block reward.
However, we have mining pools. They pay per share, so I can mine for 10 years, never submitting a winning block to the pool, yet still get paid perfectly fine according to my hashrate in proportion to total hashrate.
Mining pools, actually fix this problem.
(What this means for bitcoin and other cryptocoin systems with this 10 minute window):
So the conclusion for now is that bitcoin is for the lucky few, the elite, the
upper class in an ideal bitcoin distribution scenerio, best case scenerio.
That's a wrong conclusion, as there are mining pools (see above). Everyone can mine, even with a little USB stick like the
Compac F, pointed to a pool will get them around 100sat a day. They might never find a block, but they'll sure as hell get their daily payouts (been there, done that).
So I stand with my initial statement that bitcoin has completely failed in it's
objective of fairly distributing the coins among this world/population.
Besides the fact that this wasn't its only / main objective, actually it wasn't a Bitcoin objective at all to distribute it
evenly among the whole population. I think it's easy to understand that mining is the most fair way to distribute coins in existence. The more power you put in, the more coins you get out. It sounds pretty fair to me. Why should someone building a farm, investing millions of dollars in equipment and installation, get as much daily coins as someone just buying a $200 Compac F?
Perhaps now you understand why the bitcoin to dollar price is tanking/sacking...
going down to zzzzzzzzzerrrrrrrrooooooooooo.
That's absolutely not why the exchange rate has dipped. Remember the graph looked very much like it does now, dozens of times, just with lower peaks. But the exponential growth, followed by a drastic crash, is something that's been repeating over and over since Bitcoin's inception. And every time people said 'now it's surely going to zero', until they understood.
Anyhow, if you believe other coins are performing better, due to a better 'distribution scheme', choose a bunch and look at how they're performing against Bitcoin in the current bear market. Most coins have lost against Bitcoin, actually.
1. Pool mining is not part of the official bitcoin protocol and it's not a good technical solution for the bitcoin idea. What I am trying to explain in the video is that pool mining is dangerous and there may come a day when the pools will all join together to destroy the system. They will have that power.
First of all, they cannot 'destroy the system'. A few pools could collude to censor transactions and stuff like that, but the rest of the Bitcoin world would notice, dismiss that chain and all the work gone into it would have been for naught. Wasted energy and money.
If pools were able to collude to destroy Bitcoin, they would destroy their very income stream. It's like saying 'employees are a bad idea because they can kill their boss' or something like that. If they do it, they're without a job. (and probably in prison)
3. I know of power/prove of vote or power/prove of stake or something like that... not sure if it uses signed hashes idea however most likely it does use a 5 or 10 minute time window and is most likely limited in that regards and has the same distribution flaw as bitcoin
PoS is a whole other can of worms; I suggest you inform about both systems thoroughly before jumping to odd conclusions.
The path of enlightenment takes time and effort. This is not meant as an insult, but as an encouragement to continue studying. Lots of stuff will clear up for you, I'm sure, with time...
5. My conclusion for is bitcoin's original coin distribution method/10 minute time window is heavily flawed, it's now being kept alive by an adhoc solution: mining pools where there is a danger of total system collapse if they join forces/pools.
If you're interested, you may want to look into decentralized mining pools where there's no central pool admin who could decide to collude with another pool. Also consider reading about game-theoretic reasons why pool centralization is not desirable and miners themselves are motivated to switch pool when they see their pool getting too much hashrate.
A caution/featuristic conclusion/solution would be to speed up the blocks/time window... or maybe indeed incoorporate mining pools into some kind of official protocol specification, but in such a way that a major/above 50% is technically impossible.
Solving the challenge of an entity owning / controlling 50% of hashrate is an interesting topic, but it's been discussed before and is totally off-topic now.
But I will leave that to either somebody else or another time, I am butting out of this discussion/idea for now.
Don't feel discouraged. I appreciate the effort and enthusiasm, but it has become clear to me that you've just got a lot of catching up to do. Most people do, myself included, so don't feel bad about it. I hope you could learn something from our replies and find topics to dig into a little bit more.
